Apple Inc. announced a $500 million commitment with rare earth producer MP Materials as part of its $500 billion U.S. investment plan. The deal includes purchasing American-made rare earth magnets and establishing a recycling line in California.

Both companies will collaborate on developing new magnet materials and processing technologies to improve magnet performance. Apple’s stock is up 0.17 percent in pre-market trading at $208.98 on the Nasdaq.

Read more at Nasdaq: Apple Commits $500 Mln With MP Materials